Question

So I have had my Wells Fargo college card since dec 2013. Last year on my one year anniversary they upgraded my limit from 1200 to 1500 dollars. I was thinking it might be time to apply for another card since Im only getting 1% cash back right now. Should I see if they can upgrade my card to something with more rewards or should I find another card to apply for? Also how would that upgrade impact my credit score? Just FYI this is my first credit card, and at this point I have what ck considers excellent credit.

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WF doesn't really offer rewards cards. Opening a new card will temporarily drop your score a few points until the new credit limits show up, and then will raise your score.

I was in same boat as you a few months ago. Original WF College Card (CL 1000, then 1600, then 2100), and 1 VA Credit Union card (CL 1000). Credit score about 685 (thanks to a 30 day late payment a year before, and 50% utilization). About 3 1/2 years credit history. Listed income at 35,000 self employed/ independent contractor.

I decided I wanted some big girl cards and applied for these cards in order on the same day: AMEX Blue Cash (got the dreaded 14 day wait period message), Discover IT (counter offered with a 500 secured, what a joke), and Cap1 Quicksilver (3000 CL). Imagine my surprise when I login to AMEX to check on status, and I've been approved for 5500!

Cap1 Quicksilver gives you $100 when you spend a certain amount within 3 months of opening, and 1.5% on all purchases. So I put my car repair bill on that one and immediately was rewarded with $127, which I was able to credit right back off of the credit card bill!! For Cap1 they will increase your limit after 5 months of on time payments. Be careful to not confuse the Quicksilver and the QuicksilverOne (which has the same benefits but an annual fee).

AMEX Blue is 3% cash back on groceries, 2% gas stations, 1% everything else. Also a $100 bonus. I have not yet seen the credit back. Apparently they are good about giving a triple limit increase atfer 60 days.

Meanwhile... WF must have caught on to my new credit bc they upgraded me out of my college card and upped my limit to 3900. Probably won't be using that though, since the rewards are not good and the new cards are zero interest for about a year.

I spent months researching which cards I should apply to. I was super nervous to apply but am so happy I did!! Hope this info helps you out a bit. Oh and another tidbit... I see Chase and Citi offering great cards, but a lot of complaints that after a year, as you pay off the card, they lower your credit limit to the balance you have left.

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